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Memphis Home Values Up for February

Posted by Meghan Caldwell on March 12, 2020
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Memphis homeowners will be pleased to hear that single-family home values were up an impressive 7.5% ($222,061) from this time last year ($206,499). In addition, condominium prices were also up a remarkable 19.6% ($171,901) compared to the average sales price of ($143,753) we saw last year. Although we saw a decrease of 14% in home sales for February, homes moved much faster as we saw the average days on market decrease by 9 days. (Shelby County Only)

 

Current Prices

The median residential price for a single-family home was $222,061, and for condos, it was $171,901. This compares to last year’s median residential and condo prices of $206,499 and $143,753.

What’s Pending?

There were 881 pending sales at the end of February. The average number of days on the market for a single-family home was 44 days.

 

 

 

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All housing data has been procured from local MLS stats. Please speak with a local Realtor® to confirm stats for your specific area before buying or selling a home.